For Sale By Owner

10 tips for selling your home without a real estate agent

Selling your home by yourself isn't as simple as sticking a "For Sale by Owner" sign in your yard and listing your home in the newspaper. Although there are benefits to selling your home on your own, there are also many details that shouldn't be overlooked. Review these 10 tips before deciding whether "For Sale by Owner" is right for you.

1. Review the terms of your mortgage loan

The first step in the process is to re-examine your existing mortgage loan. You'll want to review the details concerning early payouts to find out how much - if any - penalties you'll face when you sell your house.

2. Staging your home to sell

Before you think about listing your house, you need to prepare it. Look at your whole house objectively and find ways to make it more appealing to buyers. Some people have trouble here, so ask a friend, relative or neighbor for their opinion.

3. Pricing your home

When your home is for sale by owner, it can be intimidating to set a price. To start, gather details of similar homes that have recently sold or are for sale within a few miles of you. Do a side-by-side comparison of prices and features. You might also consider getting an independent appraisal as well.

4. Advertising and listing your home

Listing your home on the internet, in the newspaper and placing professional signs outside your home are most important. When reviewing advertising costs, budget for at least 90 days. And when it comes to written advertisements, make sure you include the price, address and your phone number.

5. Handling phone calls

After correctly listing your home, you can expect at least a few phone calls. The most important thing to keep in mind is that you aren't selling your home over the phone. Your goal isn't to get the caller to buy your house, but to make an appointment to see it.

6. Forms for selling your home

You'll need to obtain at least the following forms: Purchase and Sale Agreements, Disclosure Statements, and Counter-Offer Forms. You can get these from real estate lawyers, mortgage brokers, real estate agents or online resources.

7. Hosting a for sale by owner open house

Open houses are appealing to some buyers, and may make selling your home easier. Check to see if real estate agents are advertising open houses in your area, and schedule yours to overlap.

8. Showing your house

Your goal is to listen more and talk less. Answer questions and point out features they might miss, like electrical or heating/cooling upgrades. It's best to avoid being too pushy as that can be off-putting.

9. Negotiating - the key to selling your home

Selling your home is a business deal, and should be treated as such. To that end, try as best you can to approach it objectively. Also, get the offer in writing!

10. The finishing touches

You've sold your home, your new mortgage loan is lined up and you are ready to move. The final step now is to prepare your old house for its new owner. Clean the interior and exterior one last time and gather paperwork about warranties, new appliances and improvements for the buyer. Finally, leave a note with your new address so mail can be forwarded.

For sale by owner help

When your house is for sale by owner, there are benefits you wouldn't have when using a real estate agent, like being in control and saving money. However, the process has intricacies that you'll want to understand before going forward. For more help selling in a buyer's market, contact Citizens Bank at 1-888-333-1206.


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